“What’s internet 3.0?” is commonly requested with a tone of skepticism, apprehension and leeriness — much like when David Letterman teased Invoice Gates in a ‘95 interview, inflicting an uproar in laughter after asking, “What about this ‘web’ factor? Have you learnt something about that? What the hell is that precisely?”
Gates babbled on about how the web is a spot the place entities can publish the newest info on their homepages, and customers can ship “digital electronic mail” to others around the globe. He didn’t understand it, however on the time, the Microsoft co-founder was describing “Internet 1.0,” the period of the web between 1991 and 2004 when most customers had been the shoppers of content material — not the creators of it.
What’s Internet 1.0 and Internet 2.0?
Tech pundits say Internet 1.0 was “learn solely.” In different phrases, many perused by way of web sites and absorbed info, however usually didn’t play a significant function in producing and disseminating content material. For instance, a typical Internet 1.0 person would learn information articles on AOL, hunt for web sites about their favourite rock bands by way of Yahoo! search, play some internet browser video games, hop into a number of chatrooms, however user-generated content material from this web surfer was few and much between.
Making an attempt to persuade Letterman that Internet 1.0 is helpful, Gates instructed him he might search for info on subjects that curiosity him, together with cigars and auto racing. A cussed Letterman waved him away and stated, “I’ve obtained that lined! I’m subscribed to 2 British magazines which are devoted solely to motorsports.”
And properly — we all know what occurred to the journal business. The web slaughtered it, particularly when the Internet 2.0 period (2004 – current day) got here into existence. Letterman doubtless not makes use of magazines to remain present on motorsports. Not solely does he have a plethora of details about NASCAR at his fingertips by way of Google Chrome (and different browsers of its ilk), however he may also share NASCAR video highlights on Twitter, publish TikTok movies about his pleasure for upcoming races, and extra. Not like Internet 1.0, Internet 2.0 lets customers be shoppers and content material creators.
Moreover the explosion of user-generated content material and social media platforms, there’s one different side of Internet 2.0 that’s fairly controversial. You see, in Internet 1.0, we had been those absorbing hordes of data from the web. In Internet 2.0, the web stated, “The tables have turned!” and began amassing info from us.
Tech giants corresponding to Meta (previously Fb) and Google gather knowledge from customers to regurgitate focused ads and content material to squeeze out extra money from its client base. Some even promote knowledge to 3rd events, usually with out customers’ consent. Your web expertise is probably going awash with adverts regarding latest Google search queries, merchandise you’ve deserted in carts, and different stalkerish occurrences that point out you’re being tracked and stalked.
That is the place Internet 3.0 swoops in to avoid wasting the day, promising a brand new period the place customers have extra management over how their knowledge is collected.
What’s Internet 3.0?
The web is presently on the cusp of a paradigm shift — the next-generation web, Internet 3.0, is on the horizon. However within the tone of Letterman’s snarky skepticism, chances are you’ll be questioning, “What the hell is Internet 3.0 anyway?”
To be succinct, Internet 3.0 is the subsequent iteration of the web that can largely depend on blockchain expertise, cryptocurrencies, and most significantly, the philosophy of decentralization. In different phrases, Internet 3.0 is megacorps’ worst nightmare — and I’ll let you know why.
Do you keep in mind when Meta suffered a significant outage final yr? If in case you have no concept what I’m speaking about, lengthy story quick, Instagram, Fb and WhatsApp had been down for six hours in early October 2021. It was the worst blackout the social media big skilled in 13 years. Individuals who trusted Meta’s platforms for his or her livelihood, enterprise homeowners and content material creators, had been disconnected from their clients and shoppers. In keeping with CNBC, some misplaced as much as $5,000 that day — and the corporate’s centralized nature is in charge.
That is the place the blockchain fanatics smirked and stated, “I instructed you so!” The fantastic thing about blockchain expertise, the engine behind cryptocurrencies and NFTs, is that, in accordance with Decrypt, it “lacks a single level of failure” as a result of it’s powered by user-run networks that even you — sure, you — can be part of. In different phrases, if a few nodes go haywire, it’s no pores and skin off Bitcoin’s again; it should nonetheless be operating as a result of it has thousands and thousands of different backup methods everywhere in the world. We will’t say the identical for Meta. Resulting from blockchains, future Internet 3.0-based apps ought to have higher uptime.
Blockchains additionally document possession on a shared, public ledger, and most significantly, it helps you to switch your digital property from one platform to a different. For instance, if you are going to buy an NFT of a cool GIF on OpenSea (a well-liked NFT market), you’re not obligated to maintain it there — you possibly can transfer it to different platforms, because of Internet 3.0 wallets like MetaMask (extra on that later).
With that thoughts, right here’s how the Meta outage would have went down in a Internet 3.0-based world, in accordance with Benzinga:
“As an alternative of getting a unique username on Twitter, Instagram, and TikTok, you possibly can have a single identification and retailer your knowledge [via blockchain technology]. After we personal our digital identification, we don’t have to fret about an engineer taking down a whole community simply by a routine upkeep mistake, as was the case with Fb,” Benzinga stated. “When Fb goes out, for instance, you haven’t any method to switch your profile and contacts to a unique service, however in the event you owned your digital identification on-line, you would swap companies on the click on of a button with out dropping years of data.”
As an instance this completely, if Twitter had been to go darkish, of us wouldn’t fret. They’d merely transfer their knowledge — preserved by way of blockchain tech — to a different platform with ease. How? Everybody would have one thing referred to as a pockets handle (a protracted alphanumeric phrase) after signing up for a Internet 3.0 digital pockets like MetaMask. Different platforms will be capable to learn your pockets handle and the digital property related to it. As such, you possibly can simply switch your knowledge from one platform to the subsequent seamlessly.
Because it stands now, big-name corps wouldn’t dare allow you to take your knowledge off their centralized platforms — they revenue an excessive amount of from it. Though I’m utilizing social media for example Internet 3.0, the idea of proudly owning one’s knowledge by way of blockchain expertise would apply to all industries. You’ll not use the ol’ electronic mail handle and password to log in — all you’d want is a pockets handle and a safe Internet 3.0 pockets. For instance, whether or not you wish to store at Amazon, Walmart or Finest Purchase, you’d use one digital pockets to connect with these websites and buy merchandise with crypto.
The upsides of Internet 3.0 is, to megacorps’ dismay, decentralization, however what are the perils of the next-generation web?
What are the disadvantages of Internet 3.0?
So right here’s the factor about Internet 3.0 — censorship and moderation can be much less prevalent as a consequence of decentralization. For instance, there can be fewer information tales about social media platforms (e.g., Twitter) placing a muzzle on sure firebrands. There additionally received’t be a choose few corporations (ahem, Apple and Google) monopolizing the app retailer market, permitting builders extra freedom to publish apps with out restrictions. These Internet 3.0 facets could possibly be factor or a foul factor, relying on who you ask. On the plus aspect, individuals can be free to say and do no matter they need, however consequently, venomous content material could go unchecked.
Nonetheless, there could also be an answer to this. Internet 3.0 will doubtless implement a rewards system that incentivizes good conduct whereas penalizing the “dangerous apples” the place it hurts probably the most: their pockets. For instance, gifted builders who submit top-of-the-line apps will obtain crypto rewards of their wallets whereas malicious actors could lose cash. Protocols will doubtless weed out the dangerous from the great by counting on group voting, one other potential downside of Internet 3.0.
There can be much less, “We’re the executives and that is our ultimate resolution — and it’s a must to suck it up or go away” in Internet 3.0 and extra “the destiny of this firm rests on a democratic course of by way of ‘crypto voting.’”
We’re already seeing this as Internet 3.0 burgeons. Presently, there are protocols that allow customers — not board members — vote on important modifications that significantly have an effect on the group by way of cryptocurrency holdings. For instance, if Uber needed to make modifications to its privateness coverage, or if Epic Video games wished to use a momentous replace to Fortnite, below Internet 3.0 philosophy, customers would vote with digital tokens on the corporate’s route.
The draw back of one of these Internet 3.0 governance is that, in lots of circumstances, customers with probably the most tokens have extra weight within the voting course of. In different phrases, the wealthiest customers may have probably the most affect on corporations’ trajectories whereas the much less lucky received’t have a lot of a voice.
Outlook
Internet 3.0 continues to be in its budding phases, so my imaginings of the next-gen web could possibly be vastly totally different from what I prophesied. All I do know is that if blockchain expertise is ready to revolutionize the web, there’s one factor it should do first: be simpler to make use of.
Internet 2.0 got here into existence as a result of the typical Joe not wanted technical expertise to output content material. Platforms made it straightforward and seamless for customers to add and share concepts, movies, images, GIFs, memes, and extra, invoking laughter with light-hearted posts or arousing fury amongst personally aggrieved followers.
Conversely, as of this writing, many blockchain-based purposes aren’t intuitive sufficient to your grandmother to make use of with out feeling perplexed. Even the world’s hottest Internet 3.0 digital pockets, MetaMask, wants numerous work with its UI. For instance, including a community like Binance Good Chain to MetaMask needs to be so simple as clicking a button, however presently, it requires handbook enter of URLs and numerical codes. Who has time for all that?! Not me!
The potential upsides of Internet 3.0 are thrilling, promising that customers may have extra management over their knowledge and privateness. Certain there are pitfalls, however to be honest, there’s no such factor as a “good web.” All of the iterations of the web, whether or not it’s Internet 1.0 or 2.0, had its professionals and cons: Internet 3.0 received’t be any totally different. We simply hope that the third-generation web is a big improve from its data-hungry, privacy-encroaching predecessor.
